Hi crypto traders!
34 is a Fibonacci number that not many people use for retracements. It is mostly used for the moving averages. But here we are, not following the herd like many newbies do!
My analysis:
On the wave 2, the price retraced at 34% of the wave 1. This time the price retraced to the 23.8%, but this seems to be the wave A of the ABC correction.
Another point, the 34 EMA weekly is around the 80c area, and we ve seen that ADA tested this EMA in the past before continuing the uptrend.
I use VWAP by taking the previous wave’s low(i change the source to low) and enter in the trade once it tests the VWAP. VWAP level shows levels where the bulls are in control and how much profit are most of the traders. At this moment, the majority of traders are in profit which is bearish, because the incentive to take profit is high.
Last point, the LOG mid trend line is located at the 75c area, which provides a strong argument that many strong hands may enter at those levels.
STAY SAFE!
34 is a Fibonacci number that not many people use for retracements. It is mostly used for the moving averages. But here we are, not following the herd like many newbies do!
My analysis:
On the wave 2, the price retraced at 34% of the wave 1. This time the price retraced to the 23.8%, but this seems to be the wave A of the ABC correction.
Another point, the 34 EMA weekly is around the 80c area, and we ve seen that ADA tested this EMA in the past before continuing the uptrend.
I use VWAP by taking the previous wave’s low(i change the source to low) and enter in the trade once it tests the VWAP. VWAP level shows levels where the bulls are in control and how much profit are most of the traders. At this moment, the majority of traders are in profit which is bearish, because the incentive to take profit is high.
Last point, the LOG mid trend line is located at the 75c area, which provides a strong argument that many strong hands may enter at those levels.
STAY SAFE!